The International Energy Association or IEA, in its latest report on Renewable Energy, says that Modern Bioenergy will show the biggest growth among the renewables resources between 2018 to 2023. Bioenergy is predicted to underscore its role in building a more secure and sustainable energy system in the Renewable energy portfolio.
“Modern bioenergy is the overlooked giant of the renewable energy field,” said Dr. Fatih Birol, the IEA’s Executive Director. “Its share in the world’s total renewables consumption is about 50% today, in other words as much as hydro, wind, solar and all other renewables combined. We expect modern bioenergy will continue to lead the field and has huge prospects for further growth. But the right policies and rigorous sustainability regulations will be essential to meet its full potential.”
The agency defines bioenergy as the energy generated in the conversion of solid, liquid and gaseous products derived from Biomass made available on a renewable basis.
Other highlights:
The IEA report’s prediction on Renewables, are in line with other global agencies, says that solar PV alone will represent half of the additional growth in renewables driven by faster cost reductions, which improve the technology’s global competitiveness.
Asian countries account for the most growth in biofuel output over the forecast period: China, India, and ASEAN countries combined represent half of the global expansion in biofuel production. Latin America is responsible for 45% of production growth, which comes principally from Brazil. India is forecasted to produce 1.5 million liters of ethanol by 2023.
The report adds even with renewable energy technologies becoming increasingly competitive, appropriate policies and market design are critical to their growth. It assumes greater supportive government measures to fully untap the potential of renewable energy resources to improve waste management, air quality and in general, the lives of people.
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